Ruto: Lamu refinery project to attract Ksh908B foreign direct investment

Kenya has reached an agreement with Aliko Dangote to invest in a pipeline connecting Lamu to Turkana, according to President William Ruto. The President announced that Kenya will commence extracting Turkana oil by December, and the proposed pipeline will facilitate the transportation of crude oil to Lamu, irrespective of the initial production quantities.

Speaking alongside Dangote in Mombasa, Ruto outlined that the pipeline will be constructed on government land, securing 9,000 acres in Lamu and planning to acquire an additional 3,000 acres. Additionally, Ruto mentioned plans to establish a Special Economic Zone, occupying roughly 5,000 acres. He emphasized that the scale of investment is substantial compared to Kenya's economy, estimating it could account for approximately 12 percent of the country’s GDP.

The investment is also anticipated to attract foreign direct investment (FDI) in the range of $6 billion to $7 billion (Ksh778 billion to Ksh908 billion) next year. The President assured that no minerals will leave the country unprocessed, emphasizing that the rights of Kenyan citizens will remain a priority for investors in the mining sector.

President Ruto also committed to resolving the long-standing squatter issue affecting coastal region residents, aiming to provide title deeds before December and significantly address the issue by 2027. He urged young Kenyans to utilize the National Employment Authority for overseas job opportunities and highlighted that over 680,000 young Kenyans have secured jobs abroad in the past three to four years.

Ruto stressed the importance of shifting Kenya towards a service-based economy to foster more employment and achieve double-digit economic growth, as opportunities in agriculture and value addition are expected to be saturated. Furthermore, the President revealed the establishment of an Anti-Narcotics Unit at the Directorate of Criminal Investigations (DCI) with additional vehicles to enhance their capacity in combating drug trafficking.